Monday, January 21, 2008

Quebecor Fails - Update

The banks have stepped in after the Quebecor was placed in receivership early Monday. The Globe and Mail says it best:

A rescue financing backed by parent Quebecor, run by Mr. Peladeau, and restructuring fund Tricap Partners was just too cute by a half for banks that had, until August, been willing lenders. Quebecor World carries $2.5-billion of debt. Mr. Peladeau misread the sea change in sentiment among lenders that has come with the credit crunch.

It is likely that the company will be sold up in the short term as soon as the existing lenders can get as much as they think possible for the debt they own. Existing shareholds - primarily Mr Pelaseau's holding company may get nothing.

Update:A Canadian judge has agreed to allow the company to seek protection and the company is likely to receive the same protection this morning in New York.

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Michael Cairns

Michael Cairns has served as CEO and President of several technology and content-centric business supporting global media publishers, retailers and service providers. He can be reached at michael.cairns@outlook.com and is interested in executive management and consulting, board and/or advisory positions. I am currently Managing Director with Digital Prism Advisors where we advise clients on digital and business transformation.

My career spans a wide range of publishing and information products, services and B2B categories and my operating and consulting experience has largely been with brand-name companies such as PriceWaterhouseCoopers, Macmillan, Inc., Berlitz International, AARP, R.R. Bowker and Wolters Kluwer.

I have served as a board member of the Association of American Publishers (AAP), the Book Industry Study Group (BISG) and in addition to my responsibilities at R.R. Bowker, l also served as Chairman of the International ISBN Executive Committee.